Insurance news

• Worldwide stokes BB&T fire with Crump hires

  24-03-2016 20:10
  Worldwide Facilities has taken a financial lines team from
  BB&T's wholesale arm just two weeks after settling a
  poaching dispute with the US group's latest acquisition Swett
  & Crawford, Inside E&S can
  reveal.
  The expansive wholesaler confirmed earlier this week that it had
  hired Philip Collins and Matt Sheehan from Crump, now part of
  BB&T's CRC Insurance Services.
  The executives had worked at Crump for 11 years, with Collins
  focusing on directors' and officers' for healthcare,
  pr
  
  Read more

• US standalone cyber rate rises decelerate through 2015: Marsh

  24-03-2016 20:10
  Despite increased buying in 2015 from US insureds, average rate
  rises at renewal for standalone cyber coverage decelerated through
  the year, according to the latest data from broker Marsh.
  The firm said that standalone cyber purchases among its US-based
  clients increased 27 percent from 2014 to 2015, based on averages
  from across all industries.
  This continued a trend of strong growth in cyber cover buying
  that saw a 32 percent increase in 2014 over 2013 and a 21 percent
  increase...
  
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• Ruggieri to leave Swett & Crawford

  24-03-2016 20:10
  Swett & Crawford chief Tom Ruggieri will depart the broker
  after its acquisition by BB&T, Inside
  E&S can reveal.
  According to sources, the executive is currently on
  administrative leave from his position as CEO of the North American
  operations of Cooper, Gay, Swett & Crawford (CGSC), pending the
  close of the wholesale unit's $500mn sale to the US financial
  services firm.
  It is understood BB&T could close its acquisition of Swett
  & Crawford as early as next Thursday (1 Apr
  
  Read more

• McAuley to leave RT Specialty

  24-03-2016 20:10
  Bob McAuley has resigned from his position as managing director
  at RT Specialty, Inside E&S can
  reveal.
  The executive joined RT Specialty in October 2010 with its
  acquisition of boutique wholesaler McAuley Woods & Associates
  (MWA).
  It has not been officially confirmed where McAuley will head
  after he departs RT Specialty, but it is understood that expansive
  wholesaler Worldwide Facilities is the destination for the
  executive once his contractual obligations have been fulfilled.
  MWA focus
  
  Read more

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• Clarke confirmed as CEO of PartnerRe

  24-03-2016 20:10
  Emmanuel Clarke has been appointed CEO of PartnerRe, the company
  announced today (24 March).
  The carrier also announced that John Elkann, chairman and CEO of
  Exor, will become chairman of its board.
  The Insurance Insider first revealed
  in September 2015 that Clarke was to become CEO of the Bermudian
  reinsurer following the closing of its $6.9bn sale to Italian
  investment vehicle Exor.
  The news comes after Exor completed its acquisition of PartnerRe
  last week (18 March).
  Clarke has taken the...
  
  Read more

• RSA pays new finance boss Scott Egan £1.6m ‘golden hello’

  24-03-2016 17:47
  
  Payments compensate Egan for bonuses he forfeited on leaving Towergate
  
  Read more

• Terror pools rethink needed: JLT

  24-03-2016 13:37
  International specialty broker JLT has called for an overhaul of
  how terrorism pools operate, given the changing nature of terrorist
  threats.
  In a report released today (24 March), the intermediary notes
  that any long-term solution will require the involvement of global
  terror pools as well as private risk carriers, with the pools
  potentially taking on more systemic risks such as cyber and
  chemical, biological, nuclear and radioactive (CBRN) threats.
  JLT said the existing schemes, such as Tria i
  
  Read more

• Perils Eva-Frank loss update tops $815mn

  24-03-2016 13:37
  Industry loss compilation agency Perils has today (24 March)
  increased its estimate for the floods following UK storms Eva and
  Frank in December, taking the new total to £578mn ($815mn).
  This is the second loss estimate for the event, which Perils had
  previously pegged at £526mn.
  Together with the losses from the Desmond floods in the first
  half of December, which amounted to £662mn, the total industry
  property loss for the UK December and January floods now stands at
  £1.
  
  Read more

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• AM Best warns of GCC flood risk

  24-03-2016 13:37
  AM Best has highlighted flood as an emerging threat in the Gulf
  Corporation Council (GCC) region, and warned of accumulation risk
  as insurance penetration increases in the region.
  The Gulf is often touted as a "cat-free" zone where
  (re)insurers are less concerned about accumulation of losses from
  natural disasters, the ratings agency said.
  The region has thus far experienced very little damage from wind
  and earthquake events, but floods as a result of storm surges,
  cyclones and flash flooding ar
  
  Read more

• Stackhouse Poland buys specialist PI broker Chris Frost

  24-03-2016 12:58
  
  Acquisition edges Stackhouse Poland towards £125m GWP
  
  Read more

• From Mister Maker and Keith Chegwin to upsetting Beliebers, how has #insurance embraced Twitter?

  24-03-2016 12:50
  
  With Twitter celebrating its tenth birthday this week @insuranceswifty decided to ask a number of insurance-based social media advocates for their thoughts on the platform.
  
  Read more

• Stackhouse Poland buys Chris Frost

  24-03-2016 12:28 via insuranceage.co.uk
  
  Chris Frost is a specialist professional indemnity broker as Stackhouse approaches £125m in GWP.
  
  Read more

• What Google Compare's closure means for brokers

  24-03-2016 11:55 via insuranceage.co.uk
  
  David Angus warns of the impact of the closure of Google Compare on UK brokers.
  
  Read more

• Judge decides on detail of injunction in Gallagher vs Portsoken

  24-03-2016 11:50 via insuranceage.co.uk
  
  Mrs Justice Slade considered search terms and exempt information.
  
  Read more

• Brexit too risky with no insurance policy against it, says Aviva boss

  24-03-2016 11:27
  
  Britain leaving the European Union is not worth the risk when assessing the economic impacts, according to Aviva group CEO Mark Wilson.
  
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• Fraudster jailed for 16 months for series of income protection scams

  24-03-2016 11:11
  
  She was caught out after posting documents linked to one policy to another insurer she was claiming from
  
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• Europe: Sogaz stands out in the Russian market

  24-03-2016 10:30
  
  The Russian insurance market showed modest growth according to last year's results and the market leader Sogaz stands out in particular among other insurance companies
  
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• Marketform sells medical malpractice business to Beazley

  24-03-2016 10:26 via insuranceage.co.uk
  
  Lloyd's underwriter says deal is part of a broader strategic review of the company.
  
  Read more

• Blog: From London to Dover - what the connected corridor might bring

  24-03-2016 10:20
  
  On 16 March the Chancellor of the Exchequer announced in the budget that the government are investing a further £15m to create a “connected corridor” from Dover to London, further reinforcing the position of the UK as the global centre for the development and testing of autonomous motor technologies.
  
  Read more

• Aviva's underlying earnings 'going backwards' says analyst

  24-03-2016 09:24
  
  Aviva’s underlying earnings have been “going backwards” in recent years, according to Berenberg insurance analyst Trevor Moss.
  
  Read more

• CPP more than doubles underlying profit

  24-03-2016 09:09
  
  Credit card insurer still aiming to get FCA restrictions lifted following 2012 mis-selling scandal
  
  Read more

• Towergate at centre of Highbridge UK M&A plot

  24-03-2016 08:35
  
  Private equity house’s acquisitions of majority stakes in Towergate, Price Forbes and now Broker Network are just the beginning
  
  Read more

• SRCS launches new Cali aviation team

  24-03-2016 01:15
  Swiss Re's expansive primary insurance arm has established an
  aviation team in Santa Ana, California the carrier announced today
  (23 March).
  It is understood that the Orange County aviation segment will be
  led by Hugo Reyes, a senior underwriter for Swiss Re Corporate
  Solutions.
  He is expected to be joined by Merry Rogers who most recently
  served as a senior vice president at WorldLink Insurance Services
  but has also held an aviation underwriting position at CV
  Starr.
  In a statement,...
  
  Read more

• RT Specialty to buy New York firm Hartan

  24-03-2016 01:15
  RT Specialty has agreed a deal to buy New York-based wholesaler
  Hartan Brokerage on undisclosed terms.
  Hartan was launched in 1986 and operates as a wholesale broker
  and managing underwriting agent.
  A statement from RT Specialty also described its latest addition
  as a "nimble, service-oriented" firm with a regional
  focus that "maximizes" national leverage for clients.
  The broker was launched in 1986 and is led by president Ed Pray,
  who will now take the same position at RT NY.
  Commenting...
  
  Read more

• Lloyd's accident year results demonstrate challenging market

  24-03-2016 01:15
  There was ample evidence of the challenges facing E&S writers
  in Lloyd's annual results yesterday (23 March) as the market
  reported accident year underwriting losses in several lines of
  business for 2015.
  Lloyd's, collectively the biggest E&S writer, said that
  accident year results in casualty slipped to a 104.5 percent
  combined ratio, while in marine they deteriorated to 105.4
  percent.
  Motor and life - relatively small lines for the market -
  worsened to combined ratios of 109.5 percent
  
  Read more

• Insurers avoid severe El Niño related losses

  24-03-2016 01:15
  Volatile climate conditions caused by the El Niño
  phenomenon and North Atlantic Oscillation failed to significantly
  impact insurers in 2015, as global significant insured losses
  totalled around $30.5bn for the year, according to reinsurance
  broker Guy Carpenter.
  In its Global Catastrophe Review 2015, published yesterday (22
  March), the broker said the 2015 insured catastrophe loss tally was
  the lowest since 2009, and was well below the high of $126bn
  recorded in 2011.
  The losses fell far
  
  Read more

• EPIC launches US construction specialty broker

  24-03-2016 01:15
  Retail P&C broker Edgewood Partners Insurance Center (EPIC) has
  launched a national construction specialty group with the
  appointment of Brian McDonnell.
  The new recruit joins from Wells Fargo Insurance Services where
  he led the firm's construction and real estate practice.
  EPIC said McDonnell would be responsible for building and
  leading a construction-focused practice.
  McDonnell will be based in the broker's Concord office in
  California and report to Derek Thomas, Epic's chief strategy
  off
  
  Read more

• Emerging risks can drive E&S growth: Napslo president

  24-03-2016 01:15
  The E&S sector will continue to find new growth opportunities
  by embracing emerging risks through innovation, according to Gil
  Hine, president of the National Association of Professional Surplus
  Lines Office (Napslo).
  Surplus lines underwriters and wholesale brokers are facing
  headwinds to top line growth as competitive pressures mount, in
  line with the broader P&C industry.
  Speaking to Inside E&S after the
  Napslo mid-year meeting in Scottsdale, Arizona earlier this month,
  Hine said
  
  Read more

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